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Copra prices have increased by ₹1,000 a quintal in the last five sessions following demand, while coconut oil prices gained in view of rates of other edible oils rising.
“The price of coconut oil has touched ₹2,130-2,150 for a 15-kg loose pack,”, said RM Palanisamy, a coconut oil trader.
He said most coconut oil producing factories have huge stocks of coconut oil and copra. If there is lack of rainfall in Erode and its surrounding areas, copra and coconut oil prices will rise further.Farmers have purchased over 200 tonnes of coconuts from Karnataka and Kerala and converted them into copra. Moreover, about 150 tonnes of copra are being transported to Kerala every day. On Wednesday at Perundurai Cooperative marketing society, 180 tonnes of copra arrived for sale (3800 bags).Copra fetched ₹10,200 a quintal and a major portion was procured by the Kerala oil crushers. The price of palm oil is almost steady and is available at ₹5,900 a quintal and palm kernel at ₹9,100 a quintal. The oil traders say there is no immediate chance for decrease in coconut oil price.
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